A credit card loan is also the type of personal loan that you can instantly get if you have a credit card. A credit card loan does not need The documents like a personal loan. The personal loan needs some documents to verify you and your eligibility, Loan against a credit card is an unsecured loan like a same-day cash clash.
You, Will, be always confused between the loan against a credit card and withdrawal against the credit actually the loan against a credit card is the loan provided by the bank on some interest and which is suitable for those who want instantly a loan.
We actually like this loan tenure credit card limit is not sufficient for your fund or financial need. Can we withdraw some money from the credit card the bank takes some interest on it but when we take the loan against the credit card the bank actually reduces the interest rate and it is a very quick process to get the loan to fulfil your need for financial need.
The amount of loan by the bank is offered by the demand draught or direct transfer.
SBI interest rate on the cash withdrawal from the credit card is more than the credit card loans the people actually of the credit card loans against the credit card withdrawal and it is also the pic prosthesis so the people get their money or financial need quickly Ee this type of loan is also known as pre-qualified or Pre-approved loan.
Top Banks providing Loans against Credit Card
| Bank | Loan amount | Interest rate | >Processing Fee | Repayment tenure |
| State Bank of India | At the discretion of the bank | At the discretion of the bank | Up to 2% of the loan amount subject to a minimum of Rs. Rs.499 and a maximum of Rs.3,000 | Up to 48 months |
| HDFC Bank | Loan amount will be within the credit limit of your HDFC credit card | At the discretion of the bank | NIL | Up to 60 months |
| Indusind Bank(Indue Easy Loan) | At the discretion of the bank | At the discretion of the bank | Low processing fees | Flexible tenure |
| HSBC Bank | At the discretion of the bank | 10.99% onwards | Contact the bank for information | Contact the bank for information |
Loan against Credit Card Eligibility:
You are eligible for this loan if you follow the following condition
- If you are an existing customer you can get this loan easily, some banks offer this loan to new and existing customers but banks like HDFC offer it to only existing customers.
- You must have a credit card.
- Also you have a good credit score and high credit standing.
- A person with a high and increasing income level can also apply for this loan as well as complete a credit card loan. Increased income helps you upgrade your credit card from silver to gold, and it improves your creditworthiness.
Documentation required to apply for Loans on Credit Card:
No documentation is required for these loans like a personal loan. You just have a credit Card.
You can easily get a credit card from the bank if you have the following documents:
- Copy of proof of address, e.g. B. Recent utility bills, phone bills, driver’s licenses, passports, etc. (one of these documents).
- Proof of your identity such as a PAN card, voter ID card, driving license, passport etc. (Any of these documents).
- A few recent passport-size photographs.
- Salary slips for the last 3 months for employees.
- A copy of the office ID card – for salaried employees.
Benefits of Credit Card Loan
- Pre-Approved , free and easy: As it doesn’t require any document other than adhar card you can easily get the advantages of a credit loan. You just need a good credit score and repayment history.
- Easy repayment: You get a variety of options to clear EMI with a credit card Loan. With credit card loan you get two options for repayment either you can pay with your credit card account on a monthly deduction or automatically deducted from your Savings Account.
- Quick and Flexible: These types of loans are instantly distributed. There is no paperwork like a Conventional loan. Also, you can use the credit card for a month up to its limit and after that, you can pay the monthly bill.
- No guarantor: As other loans required a specific guarantor a loan on a credit card doesn’t require guarantor.
- Self-employed persons must provide a copy of the latest official ITR (income tax return) and a copy of the PAN card.
How to apply for a credit card personal loan:
Applying for a personal credit card loan is very easy. You can apply for a personal credit card loan online by visiting the official website of the lender you want to use. You must submit the application form along with the required documents. The bank will check the documents you submitted and, if correct, will return the loan amount to your bank account.
You can apply for a personal loan against an offline credit card by visiting the nearest bank branch where you want to use this facility. Make sure you bring all the necessary documents with you. A bank representative will contact you and help you apply for a personal credit card loan.
Interest Rate with credit card loan:
The interest rates on personal loans in India start at 12% and go up to 20% which is slightly higher than the interest rates on other loans like car loans, home loans etc. Credit card loans are also a type of personal loan etc. accrued interest on loans against credit cards is slightly higher. For example, HSBC Bank charges between 15% and 21% interest on credit cards with credit agonists. Also, credit card loan interest rates vary depending on the type of card (gold, silver, and platinum) and your credit profile. For this reason, maintaining a good credit profile is very important because banks consider your credit history before quoting a certain interest rate for your loan.
Features and benefits of credit card loans:
- Get instant cash when you need it.
- Take advantage of attractive and lower interest rates on credit card withdrawals.
- No documentation is required.
- You can apply online or by phone only.
- Enjoy fast processing and fast payment after approval.
- You can apply for it anytime, anywhere.
- Credit card loans are a type of unsecured personal loan.
- A small processing fee will be charged.
- You can repay the loan in monthly instalments. Monthly EMI is charged to your credit card every month.
- Credit card loans are usually subject to a maximum penalty of 24 months.
- Credit card loan interest rates vary depending on the type of credit card the applicant has.
- Take advantage of flexible credit conditions.
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